Google Drops Its Cryptocurrency Advertising Ban

Google, the world’s most prominent search engine based on usage and volume, announced that it is reversing its ban on cryptocurrency advertising in the United States and Japan. People in those countries are allowed to buy ads on Google relating to currency exchanges. The move is a reversal of a ban that was implemented by Google back in June. The move is also a sign that the currency field may continue to grow and thrive.

Google originally banned cryptocurrency advertisements in June as the value of such currencies were growing in value. The currencies were of concern to Google due to the various scams that were coming about as the currencies became more popular with a larger variety of options to trade today.

The original ban on advertising caused the value of the bitcoin to drop by about 10 percent. Also, the currency and many others had been struggling to rise up in value over the past few months due to issues surrounding the value of the currency.

However, the values of the market have been steady for much of the past few months. Part of this includes the bitcoin staying around the $6,000 mark over the past few weeks. The currencies have not experienced any sizeable changes in their value following Google’s announcement to allow cryptocurrency advertisements to start.

The new ads that may be produced are to focus on currency exchanges. These include places that people can legally acquire currencies from. Advertisements for wallets, ICOs, and any services that offer currency purchasing advice are still outlawed.

The move is expected to allow the cryptocurrency industry to grow and become easier for people to trade. However, some cryptocurrency ads are outlawed on many social media sites; it is unclear as to whether the social media sites that have banned such ads will reverse their decisions like what Google has done.

Another consideration for the reversal is that Google is looking at how long the bitcoin and other currencies may last for. There is a strong potential for currencies to stick around on the market, especially as the field has stabilized. But the fact that the ban is only partial means that there are still worries about the field changing and certain values being hard to handle.

Also, Google had considered reversing its ban for a while. The search engine originally planned on looking into these currencies with cautiousness. The ban for the cryptocurrency ads was designed to be temporary, although some ads are still to be banned.

Various entities are expected to utilize Google for advertising purposes. ICE, the owners of the New York Stock Exchange, are planning on getting a bitcoin platform called Bakkt. The platform is being developed alongside Microsoft and Starbucks as well as the Boston Consulting Group. The platform will be released in November.

Other companies that operate on the market are also considering various cryptocurrency-related endeavors. It is expected that the more advanced or experienced companies with the funds for advertising are likely to use Google over smaller entities.

Image credits: Denis Linine / Shutterstock.com

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